Cairo – Mubasher: The International Monetary Fund (IMF) has raised its projections for Egypt’s economic growth in fiscal year 2019/2020, reflecting the economic reforms conducted by the Egyptian government in the face of the coronavirus (COVID-19) crisis.

According to the October 2020 World Economic Outlook, Egypt’s gross domestic product (GDP) is expected to grow by 3.5% in FY19/20, 2.8% in FY20/21, and an average of 5.6% in FY24/25.

Unemployment rate in the most populous Arab nation is seen at 8.3% in FY19/20, compared to a previous forecast of 10.3%.

Moreover, the current account deficit is expected to be 3.2% of GDP in the last fiscal year, down from a prior projection of 4.3%, with expectations to continue to drop to 2.5% in FY20/21 and settle at 0% in FY24/25.